Islamic-focused crypto startup Fasset raises $22M

The round was led by venture capital firms Liberty City Ventures and Fatima Gobi Ventures. The latter is focused on Pakistani startups. Funding was also provided by Soma Capital, MyAsiaVC and others.

Investments will be directed to the development of new products, as well as to expansion in Indonesia and Pakistan. The startup is negotiating with regulators to launch services in the specified regions.

“We are working with some of the most prominent Islamic financial lawyers and opinion leaders to promote to the masses how Muslims can interact with the emerging asset class in accordance with Sharia law,” said Mohammad Raafi Hossain, co-founder of the startup.

Some Islamic countries are skeptical about cryptocurrencies. In November 2021, the National Religious Council of Indonesia announced their haram, that is, forbidden for devout Muslims. However, the secular authorities of the country allow residents to conduct transactions with digital assets and even levy taxes on this activity.

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Fasset said Indonesia will grant the startup permission to operate as a full-service cryptocurrency exchange in May. In Pakistan, a similar license has already been obtained.

Recall that in January 2021, the CoinMENA bitcoin exchange received license from the Bank of Bahrain and a certificate of compliance with Sharia law from the Shariyah Review Bureau.